Republican support for the cannabis banking bill is dependent on language preventing a revival of the Obama-era 'Operation Choke Point.'
Republicans were on the cusp of helping Democrats pass a landmark cannabis bill. Now a GOP feud over guns, oil and cryptocurrency may blow it all up.— more than a decade in the making — is designed to make it easier for banks to serve the marijuana industry in states where the drug is legal.
“The marijuana policy reform movement has become a proxy war for other interests,” said longtime cannabis advocate Justin Strekal, founder of the Better Organizing to Win Legalization PAC. “It’s really frustrating to be in the middle of this.”Kyrsten SinemaChuck Schumer“The Senate’s rewrite … throws out carefully crafted bipartisan work and crams in gross overreach to potentially crush industries not in line with the president’s agenda,” Rep.
The addition to the bill tapped into lingering GOP angst over the Obama-era “Operation Choke Point” anti-fraud initiative that conservatives said threatened banking services for gun sellers and payday lenders. But the Senate didn’t take it up, and the legislation languished until this year, when Schumer decided to use Democrats’ expanded majority to act on cannabis policy. He turned to Sen.The effort hit an unexpected snag in May when Sen., a senior member of the Banking Committee, warned that the account closure restrictions would have the dangerous effect of preventing bank regulatory agencies from policing activity that could put banks at risk.
about “what a path forward looks like, and how to actually get this bill across the finish line into the president’s desk.” Pre-baked House Republican buy-in is key because of the high hurdles those conservatives pose even if the Senate can pass the cannabis banking bill on a bipartisan basis.
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